The Senate, through its Finance Committee, has issued a stern warning to government-owned agencies that fail to provide proper expenditure records from the 2024 fiscal year.

Chairman of the Finance Committee, Senator Sani Musa, who issued the threat on Monday during an investigative hearing, underscored that the committee will withhold allocations to any agency that does not comply with its summons for scrutiny.

In an interface with the Accountant General of the Federation, Missus Oluwatoyin Madein, the committee expressed dissatisfaction with the centralized payment system managed by the Office of the Accountant General also came under scrutiny as members frowned upon delays in the release and utilization of capital budgets.

The committee?s dissatisfaction stemmed from irregularities discovered in the expenditure records of some agencies. The investigative hearing focused on the remittance of internally generated revenue, fiscal accountability, and the overall state of Nigeria?s financial management system.

During the session, the Accountant General of the Federation, Oluwatoyin Madein, presented a summary of federal government revenues up to September 2024, reporting:

Independent revenue: ?2.7 trillion; Operating surplus from Government-Owned Enterprises (GOEs): ?2.3 trillionMDAs? internally generated revenue (IGR).

The committee however criticized the report for being incomplete, as it only reflected the activities of the Accountant General?s office, leaving out key financial details from other federal agencies.

The lawmakers also resolved to summon other critical agencies, including the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), the Nigerian Extractive Industries Transparency Initiative (NEITI), and the Nigerian National Petroleum Corporation Limited (NNPCL), for a comprehensive review of discrepancies in their financial submissions.

?This is not about hearing from one side and another separately; we need all stakeholders present at the same time to provide clarity and consistency in their reports,? Senator Musa stated, emphasising the need for transparency.

Concerns were also raised about low stamp duty revenues, which amounted to just ?30.3 million between 2020 and 2024, compared to ?301.49 million in other IGR categories. Lawmakers attributed the shortfall to poor budget performance, noting that taxes are only collected when payments are processed.

The Accountant General revealed that stamp duty revenues from 2020 to 2024 were disappointingly low, totalling ?30.3 million compared to the ?301.49 million internally generated revenue (IGR).

Lawmakers linked this to poor budget performance, as taxes are only collected when payments are made.

The Accountant General in her defence explained that the centralized payment system was introduced to curb inefficiencies and prevent unutilized funds from being rolled over annually.

The committee gave the Accountant General until Wednesday to provide additional reports ahead of a follow-up meeting the same day. It also signalled its intention to summon other agencies to address discrepancies in their financial activities. (Channels TV)

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